What is Web3 & Why Should I Care? A Neophyte Tries To Explain In 5 Bullets🌐3️⃣

🌐1️⃣➡ PC boom (read)

🌐2️⃣➡ .com / mobile boom (read, write, produce, share)

🌐3️⃣➡ enabled by the block chain.

As someone who is interested, and certainly a neophyte, here is an oversimplified way I am thinking about web3:

  1. Web 3 uses block chain technology, which is a digital ledger to track transactions.
  2. Web 1 / 2 is a web filled with abundance. It is easy to copy, paste, download, etc. Web 3 will begin to introduce scarcity.
  3. What the hell does fungible mean?
    • Fungible = not unique
    • Non-fungible = one-of-a-kind (scarce)
  4. On blockchains (such as ethereum) builders / creators will be able to build applications, products, etc. on the blockchain.
  5. Because these creations have the opportunity to be capped + non-fungible this will greatly increase the value of digital art due to scarcity. See below image for examples of capped vs uncapped & fungible vs. non-fungible (sourced from Eric Jorgenson’s post on web3)

Not financial advice, one web3 project I’m interested in and will be researching more in the coming weeks is Index Co-op who aspires to be “the vanguard of crypto” as I heard it explained on a podcast.

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Resources I have found helpful:

  1. Eric Jorgenson’s web 3 blog post series & his podcast.
  2. Tim Ferris’ interview with Chris Dixon & Naval Ravikant
  3. Jeet Mehta’s twitter threads on this new tech
Tim Ferriss’ interview with Naval & Chris Dixon

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